How Many Community Associations Are in Your State?
The Community Associations Institute (CAI) publishes a report about the national statistics of community associations. Among other data, it includes information about the national number of community associations, a rough number of community association managers and an estimated combined gross budgets of community associations.
A “community association” is either a planned community (or “PUD”), condominium or cooperative. CAI estimates that 50%+ are planned communities, 45-48% are condominiums and 3-4% are cooperatives. These are not easy figures to come by and that is why estimates are provided.
CAI estimates that there were 328,500 associations in the United States in which there were 26.3 million units housing roughly 65.7 million people. This equates to around 24% of all homes in the US are in community associations.
According the report, Florida leads the pack with an estimated 46,000 associations, followed by California with 42,500 and then Texas with 18,400. You may be surprised as to how many associations there are in your state.
Our tiny little state of Connecticut ranks at #22 with roughly 4,700 community associations. In speaking with condominium attorneys in our state, they had estimated this number to be around 5,000-5,500.
Top Photo Credit: (c) Can Stock Photo / kenhurst
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at email@example.com or call me at 404-433-4565. I will be happy to answer any of your questions.
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Check out our article in Common Interest magazine on page 19!